Behavioral Economics and Its Applications by PDF

ISBN-10: 1400829143

ISBN-13: 9781400829149

Publish 12 months note: First released in 2007
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In the decade, behavioral economics, borrowing from psychology and sociology to give an explanation for judgements inconsistent with conventional economics, has revolutionized the way in which economists view the realm. yet regardless of this basic luck, behavioral pondering has essentially reworked just one box of utilized economics-finance. Peter Diamond and Hannu Vartiainen's Behavioral Economics and Its Applications argues that behavioral economics could have the same effect in different fields of economics.

during this quantity, many of the world's top thinkers in behavioral economics and normal fiscal idea make the case for a miles larger use of behavioral rules in six fields the place those principles have already proved valuable yet haven't but been absolutely incorporated--public economics, improvement, legislations and economics, wellbeing and fitness, salary selection, and organizational economics. the result's an try to set the time table of a massive improvement in economics--an time table that might curiosity policymakers, sociologists, and psychologists in addition to economists.

Contributors comprise Ian Ayres, B. Douglas Bernheim, Truman F. Bewley, Colin F. Camerer, Anne Case, Michael D. Cohen, Peter Diamond, Christoph Engel, Richard G. Frank, Jacob Glazer, Seppo Honkapohja, Christine Jolls, Botond Koszegi, Ulrike Malmendier, Sendhil Mullainathan, Antonio Rangel, Emmanuel Saez, Eldar Shafir, Sir Nicholas Stern, Jean Tirole, Hannu Vartiainen, and Timothy D. Wilson.

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At that point we reduce the injury rate and all other operating costs by 50 percent. For estimating the future cost of medical care, we project that 48 percent of current veterans will eventually seek treatment from the VA. Of these, we assume that 60 percent will seek short-term treatment (lasting less than five years) and 40 percent will remain in the system for the rest of their lives. Both scenarios predict that medical health care inflation will continue to increase at double the rate of general inflation, as it has for decades.

37 These increased costs to the taxpayer are due largely to the unpopularity of the Iraq war, but many are concealed in the regular defense budget. The military has finally admitted that fighting the war in Iraq without increasing the size of the armed forces has an impact on our defense capabilities elsewhere—a decision the respected military analyst Michael O'Hanlon calls "long overdue.... 39 To date, the president has requested $5 billion for this purpose in his request for supplemental war funding, and has asked for another $12 billion in the regular defense budget.

Yet another case stemmed from a soldier who was erroneously listed as absent without leave while she was actually being treated for inoperable shrapnel in her knee. Ironically, these fake debts are often registered because the soldier loses personal equipment (such as body armor and night-vision goggles) after being seriously wounded and evacuated from Iraq. 41 Given the problems that exist now in the system, it is imperative that we consider the demand for benefits that will arise from future veterans of the conflicts in Iraq and Afghanistan.

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Behavioral Economics and Its Applications


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